*Only at NNPC filling stations; Plans forward crude oil sale to domestic refiners; To invest in National Strategic Fuel Reserve; Says FG didn’t devalue Naira; NNPC discount measure for petrol has Tinubu’s backing — Presidency; What happens on Day 31? — Atiku attacks Tinubu’s 30-day relief; It’s packaged deceit — NDC; It’s desperate attempt to bribe Nigerians ahead elections — ADC campaign
By Emma Ujah, Henry Umoru, Johnbosco Agbakwuru & Luminous Jannamike
ABUJA — The Federal Government, yesterday, said it would offer a discount on petrol dispensed at the filling stations of the Nigerian National Petroleum Company, NNPC, Limited for the next 30 days.
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It said the designated NNPC stations will sell petrol at N1,350, a price that would be reviewed every month.
Meanwhile, the Presidency, yesterday explained that the measure taken by the NNPCL to forgo its petrol retail profit margin and sell to Nigerians at cost to cushion the impact of global crude oil price shocks and volatility on vulnerable households has the approval of President Bola Tinubu.
This came as the presidential candidate of the African Democratic Congress, ADC, Alhaji Atiku Abubakar and the national leadership of the Nigeria Democratic Congress, NDC, condemned the move.
Atiku rejected the FG’s proposed 30-day fuel discount at NNPC stations, describing it as a temporary political fix that cannot ease the hardship caused by high fuel prices.
NDC on its part described the measure as “tokenism” and an attempt to deceive Nigerians.
On its part, the ADC Presidential Campaign Council, ADC-PCC, dismissed it as a desperate attempt to bribe Nigerians ahead of the 2027 elections.
Minister of Finance, Mr Taiwo Oyedele, who made this disclosure, when he addressed newsmen in Abuja, warned that the proposed reintroduction of fuel subsidy by some presidential candidates could hike the price of Petroleum Motor Spirit (PMS) to N2,000 per litre.
He also warned that such a move would destroy the nation’s economy, with foreign exchange crashing to as low as N3,000/$1.
He said: “We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance with priority for public transporters nationwide,” he said.
The minister said transporters will be given first priority, adding that the measure is not a subsidy but an arrangement for government to sell petrol at a ceiling cost.
On measures to alleviate the economic pressures households experience, the minister said the government plans forward sale of crude oil to domestic refiners at a yet-to-be determined period and price.
“That preserves your budget, provides certainty to the refiners and price stability to consumers.
“Pump prices do not have to follow every swing in global crude prices or the exchange rate. Government is negotiating a ceiling prices of N1,350 a litre on the ex-gantry or the landing cost of petrol to keep fuel prices stable.”
Oyedele said the price will be reviewed monthly.
Ealier, he warned that the proposed reintroduction of fuel subsidy by some presidential candidates could hike the price of Petroleum Motor Spirit (PMS) to N2,000 per litre.
He also warned that such a move would destroy the nation’s economy, with foreign exchange crashing to as low as N3,000/$1.
His words: “Return subsidy and the sequence is familiar. Weaker revenue invites a sovereign credit downgrade, as the rating agencies have already signalled.
“That would put at risk the upgrades we have recently earned, including our first from S&P in 14 years. Borrowing becomes costlier. Capital leaves. Reserves fall. The naira weakens.
“The progress on inflation, which has allowed the Central Bank to begin lowering interest rates, would be put at risk. Our estimate is that the exchange rate could approach N3,000 to the dollar within months, and so-called subsidised petrol would cost at least N2,000 a litre. That is well above what Nigerians pay today.”
Oyedele said removal of fuel subsidy did not mean that government is doing nothing to alleviate pains the policy has brought on ordinary Nigerians.
“Removing the subsidy has never meant doing nothing. Over the past three years, government has acted to moderate prices in ways that are sustainable.”
He said deregulation made domestic refining viable, which was why supply has held while other countries scramble for scarce cargoes and that Dangote refinery would not have been able to operate under a regime of fuel subsidy.
Oyedele added that efforts to source cheaper transport alternatives such as through the Compressed Natural Gas (CNG) and electric vehicles are part of steps by the Federal Government to reduce the cost of transportation.
“More than 120,000 vehicles now run on CNG, served by over 400 conversion centres, 96 refueling stations and 18 Liquefied-to-Compressed Natural gas (L-CNG) stations.
“Over 550 CNG buses have been deployed so far. Where they run, fares have fallen by 30 to 50 percent. We have also removed taxes on electric vehicles and solar equipment, and cut import duties on all vehicles. Customs data show that imports of CNG-powered vehicles including tricycles, electric vehicles and renewable energy equipment have more than doubled since May 2023, with duty waivers of over N100 billion. Some states plan to introduce CNG buses and electric tricycles at scale,” he said.
FG didn’t devalue Naira
The minister clarified that the current administration did not devalue the Naira, rather, according to him, the Naira depreciated because the nation ran out of reserves.
His words: “Naira was not devalued, rather Naira depreciated because we ran out of reserves to defend the artificial exchange rate which was only accessible by the highly connected while manufacturers and average Nigerians pay a huge premium for FX in the parallel market.
“Today, the gap between the official and parallel rates has narrowed from over 60 per cent to under five per cent. Reserves stand at about $55billion, the highest level in eighteen years. This is the single biggest lever on pump prices, and one we cannot afford to lose.”
National Strategic Fuel Reserve
Oyedele also disclosed that to protect households and businesses from future energy shocks, the Federal Government is investing in a National Strategic Fuel Reserve.
He said: “Refined products will be released into the market under clear, published rules whenever a global disruption or hoarding threatens supply and price stability. This is not a subsidy and it does not fix prices, rather it secures supply and reduces price volatility. It will prevent artificial scarcity, deter market manipulation and anchor long-term energy security.”
NNPC discount measure for petrol has Tinubu’s backing — Presidency
The Presidency explained that the measure should not be interpreted to mean that the government was out to reverse a necessary reform designed to set the country on the path towards sustained prosperity.
A statement by the Special Adviser to President Tinubu on Information and Strategy, Mr. Bayo Onanuga, said: “To be clear, none of these measures restores a blanket subsidy. Doing so would create longer-term harm for a short-term cure. Each measure is designed to reach the people who need help, without putting the wider economy at risk.
“Removing the fuel subsidy came at a price. But the alternative has been tried. Nigeria has already lived through that cycle: scarcity, smuggling, a collapsing currency and a fiscal crisis. We cannot afford to live through it again, least of all in response to a temporary disruption, and at the very moment the results of reform are gathering pace.
“Government is not out to reverse a necessary reform designed to set our country on the path towards sustained prosperity. It is to ensure its gains reach more Nigerians, faster and in more tangible ways. That is our work, and we are committed to doing it.
“The Federal Government is also working on a comprehensive package of fiscal measures to bring inflation down to single digits sustainably in the near term.
“NNPC Retail, which already sells petrol at the lowest price in the market, will offer this new deal within the next 30 days. This means if NNPC’s landing cost is N1300, it will sell fuel to Nigerians, especially commercial vehicles, at the same price,” it stated.
What happens on Day 31? — Atiku attacks Tinubu’s 30-day relief
In his reaction, former Vice-President, Alhaji Atiku Abubakar said Nigerians who had endured years of soaring transport fares and food prices could not be expected to regard a one-month discount as a solution to a crisis that would remain after the offer expires.
In a statement by Phrank Shaibu, his Director of Strategic Communication, “Atiku totally rejects this calendar-scheduled, election-laced subsidy package. Nigerians are not fools to be offered a month of discounted fuel after years of punishing prices and then expected to forget the hardship when the discount expires. This is shameless and heartless.
“What happens on Day 31? Nigerians wake up to the same brutal prices, the same punishing transport fares and the same rising cost of food. The government cannot manufacture relief for one month and expect Nigerians to applaud while the hardship remains,” he said.
Atiku also faulted the restriction of the discount to NNPC stations, saying the government had yet to disclose how much motorists would save per litre or guarantee that transport operators would pass any savings on to passengers through lower fares.
He said the government’s sudden shift towards a subsidy-style intervention exposed what he described as the failure of its earlier argument that meaningful relief was impossible.
“This volte-face proves that the production-support proposal I have advanced is workable, achievable and not complicated. The Tinubu government and its spin doctors have tried to make it sound impossible, yet they are now reaching for a temporary subsidy-style intervention because the pain has become impossible to ignore,” Atiku said.
Atiku reiterated his proposal for capped and budgeted production support tied to fuel refined in Nigeria, with safeguards to ensure consumers benefit while supporting local refining.
“Nigerians need lasting relief, not a countdown to the return of hardship. Tinubu’s government cannot spend years telling Nigerians to endure, then offer 30 days of relief and call it a solution,” he said.
He restated his commitment to making life more affordable, saying: “Tinubu made life expensive. I will make life affordable again.”
It is packaged deceit — NDC
NDC in a statement, yesterday, by its National Publicity Secretary, Osa Director, said the temporary discount announced by FG is inadequate to address the economic hardship allegedly caused by the removal of petrol subsidy.
NDC described the initiative as a “Greek gift” from the administration of President Bola Tinubu, arguing that subsidy removal was implemented without adequate consultation or measures to cushion its impact on Nigerians.
It said: “The NDC has noted the breaking news by the Federal Government announcing a 30-day discount on petrol through NNPC stations.
“According to the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, “We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance, with priority for public transporters nationwide. So, it’s not a subsidy. The government is just saying we sell to you at cost.”
“This is nothing but tokenism and a Greek gift from a government that whimsically removed fuel subsidy without proper consideration, consultation, or cushions for Nigerians.
“Nigerians cannot be deceived.
“What happens to the millions of Nigerians who lost their jobs and whose businesses collapsed as a result of the callous and poorly planned removal of subsidy? What about those who lost their lives in poorly equipped government hospitals that have now become mortuaries?
“It is clear that President Bola Tinubu and the All Progressives Congress, APC, government are desperate, and Nigerians must not be deceived. Emilokanomics has failed woefully.
“The attempt to reintroduce petrol subsidy through the back door is not only mischievous but a sign of a government in free fall, ready to clutch at anything to survive.
“Even the bogus promise to dispense discounted fuel at designated NNPC retail outlets is not pragmatic. How many such outlets exist in Nigeria to serve over 200 million Nigerians?
“Is this not the recipe for another stampede that could have many more Nigerians trampled to death at the filling stations?
“Several questions beg for answers, but the only answer staring Nigerians in the face is that the economy is in a tailspin and at a tipping point. The APC has shown itself glaringly incapable of rescuing the country from imminent collapse.
“But hope is on the way. Peter Obi, under the NDC, will put Nigeria back on the right track. A New Nigeria is POssible with Obi.
“In a few months, specifically on January 16, 2027, Nigerians should come out en masse and vote for Peter Obi and all other NDC candidates to vote out the most clueless and rudderless government in the history of Nigeria.”
It’s desperate attempt to bribe Nigerians ahead elections – ADC campaign
ADC-PCC in a statement by its Director of Media and Publicity, Kola Ologbondiyan, said: “After over three years of subjecting Nigerians to excruciating pain through the reckless removal of fuel subsidy, the collapse of the naira and suffocating economic policies, the Tinubu administration now thinks it can bribe Nigerians with 30 days of cheaper fuel.
“Nigerians will reject your one-month bribe.
“What happens after 30 days? Will Nigerians return to buying petrol at over N1,400 per litre?
“This is not governance; this is deceit. It is a negotiated bribe designed to be reviewed monthly to suit the government’s political calendar.
“Atiku was right all along. This half-hearted 30-day gimmick is proof that the government has finally acknowledged the truth, although it has done so too late and in a deceitful manner.
“If the government can reduce the burden of fuel costs for 30 days, with priority given to public transport operators, why did it allow Nigerians to suffer for more than 800 days?
“This proves that the government has always had the capacity to make life easier for Nigerians but chose not to do so and only remembers the suffering masses when elections are around the corner.
“No one-month palliative can buy the conscience of Nigerians.
“Nigerians are not for sale. You cannot buy their future with 30 days of cheaper fuel.
“They have seen through this fraud. They know the difference between genuine governance and a one-month electoral bribe. They have resolved to vote out hardship and hunger in 2027,” he said.
Nigerians speak
Meanwhile, some Nigerians spoke to Vanguard on what presidential candidates in the 2027 elections should campaign with:
The 2027 presidential campaign must move past rhetoric to tackle Nigeria’s biting cost of living, insecurity, unemployment, and collapsing purchasing power. Candidates must offer clear policy directions, demonstrate honest communication, and unite the nation. Discussions should also prioritize judicial independence, INEC’s autonomy, and abolishing state governors’ security votes to establish a new standard of leadership. — Uche Ruth Ogbonnaya, Journalist
As the 2027 election campaign begins, presidential candidates must focus on issues impacting daily Nigerian lives: economic growth, security, cost of living, electricity, healthcare, and education. Beyond making promises, aspirants need to clearly explain their implementation strategies, funding sources, and measurement metrics. Nigerians deserve issue-based campaigns, transparency, and realistic solutions for long-term development. — Romoke Olisa, Entrepreneur
The core challenge is Nigeria’s comatose oil industry; it uniquely imports petroleum, as even the Dangote refinery remains expensive. Fixing the unworkable state refineries to lower fuel prices is vital for the economy. Additionally, candidates must formalize the massive informal economy—which employs 93% of workers—by providing credit, social protection, and infrastructure to drive sustainable national development. — Gbenga Komolafe, Entrepreneur
As the 2027 election approaches, candidates must focus heavily on the cost of living and insecurity. They need to provide practical solutions for lowering the costs of food and energy, including fuel and electricity. Additionally, they must tackle the widespread insecurity that directly threatens Nigeria’s food security and employment. These critical issues must lead every campaign. — Endurance Ibhadore, Entrepreneur
As the presidential campaigns begin, the two most pressing issues are ending insecurity and easing economic hardship for Nigerians. Any candidate who lacks a clear template or a proposed plan of action to address these two critical areas needs to recalibrate their strategy and quickly rethink their approach to governance. — Francisca Ogar, Journalist
The 2027 presidential campaign must move beyond regular rhetoric to confront Nigeria’s most pressing challenges: insecurity, economic hardship, high unemployment, and collapsed purchasing power. Citizens demand a clear policy direction and tangible results. The next president must demonstrate the capacity to communicate honestly, take full responsibility, and unite a deeply divided nation, establishing a higher standard of leadership. — Oputa David, Communications expert
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